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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Metropoli Overseas reports standalone net loss of Rs 0.43 crore in the December 2016 quarter
Feb 16,2017

Net Loss of Metropoli Overseas reported to Rs 0.43 crore in the quarter ended December 2016 as against net loss of Rs 0.55 crore during the previous quarter ended December 2015. Sales declined 96.61% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 1.18 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.041.18 -97 OPM %-900.00-39.83 - PBDT-0.37-0.49 24 PBT-0.43-0.55 22 NP-0.43-0.55 22

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Aashee Infotech reports standalone net loss of Rs 0.03 crore in the December 2016 quarter
Feb 16,2017

Net Loss of Aashee Infotech reported to Rs 0.03 crore in the quarter ended December 2016 as against net loss of Rs 0.03 crore during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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ABC India reports standalone net loss of Rs 13.70 crore in the December 2016 quarter
Feb 16,2017

Net Loss of ABC India reported to Rs 13.70 crore in the quarter ended December 2016 as against net loss of Rs 1.34 crore during the previous quarter ended December 2015. Sales rose 3.23% to Rs 32.61 crore in the quarter ended December 2016 as against Rs 31.59 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales32.6131.59 3 OPM %-36.952.85 - PBDT-13.06-0.26 -4923 PBT-13.76-1.43 -862 NP-13.70-1.34 -922

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Khator Fibre & Fabrics standalone net profit declines 13.64% in the December 2016 quarter
Feb 16,2017

Net profit of Khator Fibre & Fabrics declined 13.64% to Rs 0.19 crore in the quarter ended December 2016 as against Rs 0.22 crore during the previous quarter ended December 2015. Sales rose 19.46% to Rs 14.12 crore in the quarter ended December 2016 as against Rs 11.82 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales14.1211.82 19 OPM %7.519.22 - PBDT0.720.66 9 PBT0.190.22 -14 NP0.190.22 -14

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Agro Dutch Industries reports standalone net loss of Rs 18.99 crore in the December 2016 quarter
Feb 16,2017

Net Loss of Agro Dutch Industries reported to Rs 18.99 crore in the quarter ended December 2016 as against net loss of Rs 19.37 crore during the previous quarter ended December 2015. Sales declined 32.00% to Rs 0.85 crore in the quarter ended December 2016 as against Rs 1.25 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.851.25 -32 OPM %-50.59-104.80 - PBDT-15.29-14.32 -7 PBT-18.99-19.36 2 NP-18.99-19.37 2

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Stellant Securities (India) standalone net profit rises 71.43% in the December 2016 quarter
Feb 16,2017

Net profit of Stellant Securities (India) rose 71.43% to Rs 0.12 crore in the quarter ended December 2016 as against Rs 0.07 crore during the previous quarter ended December 2015. Sales rose 317.65% to Rs 0.71 crore in the quarter ended December 2016 as against Rs 0.17 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.710.17 318 OPM %16.9041.18 - PBDT0.120.07 71 PBT0.120.07 71 NP0.120.07 71

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Neo Corp International reports standalone nil net profit/loss in the December 2016 quarter
Feb 16,2017

Neo Corp International reported no net profit/loss in the quarter ended December 2016 as against net loss of Rs 36.13 crore during the previous quarter ended December 2015. Sales declined 99.49% to Rs 0.55 crore in the quarter ended December 2016 as against Rs 106.89 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.55106.89 -99 OPM %20.00-22.03 - PBDT0.06-36.57 LP PBT0.01-38.95 LP NP0-36.13 100

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Vora Constructions reports standalone net profit of Rs 0.05 crore in the December 2016 quarter
Feb 16,2017

Net profit of Vora Constructions reported to Rs 0.05 crore in the quarter ended December 2016 as against net loss of Rs 0.07 crore during the previous quarter ended December 2015. Sales declined 91.61% to Rs 0.13 crore in the quarter ended December 2016 as against Rs 1.55 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.131.55 -92 OPM %38.46-4.52 - PBDT0.05-0.07 LP PBT0.05-0.07 LP NP0.05-0.07 LP

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Vapi Paper Mills standalone net profit declines 55.56% in the December 2016 quarter
Feb 16,2017

Net profit of Vapi Paper Mills declined 55.56% to Rs 0.04 crore in the quarter ended December 2016 as against Rs 0.09 crore during the previous quarter ended December 2015. Sales declined 16.07% to Rs 0.47 crore in the quarter ended December 2016 as against Rs 0.56 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales0.470.56 -16 OPM %29.7933.93 - PBDT0.140.17 -18 PBT0.080.09 -11 NP0.040.09 -56

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Vardhman Holdings standalone net profit rises 60.44% in the December 2016 quarter
Feb 16,2017

Net profit of Vardhman Holdings rose 60.44% to Rs 1.46 crore in the quarter ended December 2016 as against Rs 0.91 crore during the previous quarter ended December 2015. Sales rose 68.28% to Rs 2.44 crore in the quarter ended December 2016 as against Rs 1.45 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2.441.45 68 OPM %64.3497.93 - PBDT1.571.42 11 PBT1.561.41 11 NP1.460.91 60

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Claris Lifesciences reports consolidated net profit of Rs 18.73 crore in the December 2016 quarter
Feb 16,2017

Net profit of Claris Lifesciences reported to Rs 18.73 crore in the quarter ended December 2016 as against net loss of Rs 70.06 crore during the previous quarter ended December 2015. Sales declined 89.42% to Rs 2.18 crore in the quarter ended December 2016 as against Rs 20.60 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2.1820.60 -89 OPM %-754.59-192.67 - PBDT26.30-7.57 LP PBT25.59-8.38 LP NP18.73-70.06 LP

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Puravankara consolidated net profit rises 15.26% in the December 2016 quarter
Feb 16,2017

Net profit of Puravankara rose 15.26% to Rs 20.09 crore in the quarter ended December 2016 as against Rs 17.43 crore during the previous quarter ended December 2015. Sales declined 29.08% to Rs 268.86 crore in the quarter ended December 2016 as against Rs 379.08 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales268.86379.08 -29 OPM %30.8721.74 - PBDT26.8631.27 -14 PBT22.7326.92 -16 NP20.0917.43 15

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Adani Ports & Special Economic Zone consolidated net profit rises 25.83% in the December 2016 quarter
Feb 16,2017

Net profit of Adani Ports & Special Economic Zone rose 25.83% to Rs 849.75 crore in the quarter ended December 2016 as against Rs 675.32 crore during the previous quarter ended December 2015. Sales rose 31.62% to Rs 2226.62 crore in the quarter ended December 2016 as against Rs 1691.71 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales2226.621691.71 32 OPM %61.5662.45 - PBDT1265.491009.56 25 PBT971.19729.73 33 NP849.75675.32 26

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IOB gains on bargain hunting
Feb 16,2017

Meanwhile, the BSE Sensex was up 151.11 points, or 0.54%, to 28,306.67

On BSE, so far 38,000 shares were traded in the counter, compared with an average volume of 1.13 lakh shares in the past one quarter. The stock hit a high of Rs 26.10 and a low of Rs 25.55 so far during the day. The stock hit a 52-week high of Rs 32.65 on 28 April 2016. The stock hit a 52-week low of Rs 21.10 on 9 November 2016.

The mid-cap state-run bank has an equity capital of Rs 2454.73 crore. Face value per share is Rs 10.

Indian Overseas Bank (IOB) reported net loss of Rs 554.44 crore in Q3 December 2016, lower than net loss of Rs 1425.06 crore in Q3 December 2015. Total income fell 13.13% to Rs 5599.50 crore in Q3 December 2016 over Q3 December 2015.

Government of India holds 79.56% stake in Indian Overseas Bank (as on 31 December 2016).

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India Ratings Maintains Stable Outlook on Oil and Gas Sector for FY18
Feb 16,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook on both public and private oil and gas sectors for FY18. Ind-Ra expects public sector companies to sustain their strong linkages with the government of India, or maintain business stability in cases where ratings are based on standalone financial profiles.

Upstream companies will benefit from the likely increase in domestic gas prices, higher crude prices and almost nil subsidy burden during FY18. Downstream companies would see a moderation in gross refining margins during FY18, due to a decline in crack spreads and lack of inventory gains. Also, their continued capex is likely to result in leverage inching up moderately; however, their credit profiles would still remain comfortable.

Crude oil prices are likely to increase only moderately higher from the December levels of USD50/bbl-55/bbl and remain in the range of USD55/bbl-USD60/bbl in FY18. This is despite Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members reducing their output by 1.2mbpd and 0.6mbpd, respectively, since early January 2017. However, the prices would remain under check, as higher prices could lead to increased production by US drillers.

Ind-Ra expects the domestic natural gas prices to rise to USD2.7/mmbtu in 1HFY18 and USD3.1/mmbtu in 2HFY18, driven by an increase in the price of the reference price index constituents particularly henry hub. Moreover, city gas players would continue to exhibit strong pricing power and are likely to protect their gross margins even in a rising gas price scenario. Players with a higher share of CNG and domestic PNG consumers are better placed than the players with a higher tilt towards industrial/commercial volumes. The prices during FY17 fell in line with Ind-Ras expectation to USD2.85/mmbtu.

Ind-Ra additionally, expects the spot liquefied natural gas (LNG) prices to remain benign during FY18, driven by i) significant supply-side capacity additions ii) peaking of demand from major LNG importers (Korea, Japan and China) and iii) competition from alternate fuels such as fuel oil and coal iv) increasing share of non-long-term LNG v) expiration of global long-term LNG contracts and vi) increased competition in Indian LNG market. Given the benign spot LNG prices, Ind-Ra expects a significant increase in LNG volume to 79mmsmd in FY18 from 58mmscmd in FY16 (9MFY17: 68mmscmd).

Ind-Ra notes long-term LNG offtake could again pose a problem if the spot LNG prices were to fall below the level of long-term LNG. This is because Ind-Ra expects term LNG prices to inch higher at USD7.5/mmbtu-USD8//mmbtu in FY18 on freight on board basis (FY17: USD6.6/mmbtu-USD7/mmbtu) with the rise in crude price to USD55/bbl-USD60/bbl (FY17: USD48/bbl).

Ind-Ra expects the diesel consumption growth to be slower than petrol growth even in FY18, on account of the break in the dieselisation trend due to the narrowing of price differential between petrol and diesel. Additionally, some of the large consumers are looking at switching away from diesel to either renewable energy or LNG. This could result in refinery configuration changes which would imply additional capex for refineries. Ind-Ra had estimated petrol and diesel consumption to grow by 10% in FY17 and 5%, respectively. While the petrol consumption grew 11% and diesel grew 4% during 9MFY17.

OUTLOOK SENSITIVITIES

A weakening of the linkages between public sector enterprises and the government of India, debt-funded capex with low incremental profitability and continued lower crude/gas prices could impact the ratings negatively.

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